In order to promote high-quality development and Chinese-style modernization drive, the paper analyzes, discusses and evaluates the hot spots and highlights of China's natural gas industry chain and natural gas market in 2023 on the basis of various indicators, data and dynamics of the industry, and presents an outlook for the development in 2024. The results show that China's natural gas industry progressed steadily in 2023, with main highlights in eight aspects. First, natural gas exploration was conducted prosperously. It is estimated that the newly proven geological reserves of natural gas may have reached a record high. Second, natural gas production kept stable and even grew to a certain extent. In the whole year, 2 324×108 m3 natural gas was produced, and the annual production increment was nearly 123×108 m3. Third, natural gas import increased in volume but at a lower price. A total of 1 655.6×108 m3 natural gas was imported, including 984.2×108 m3 LNG which made China the word's largest LNG importer again. Fourth, natural gas demand rebounded slightly, with the apparent consumption reaching 3 915.5×108 m3, and the reliance on gas import being 40.6%, while the market supply was stable. Fifth, infrastructure construction was performed under full swing, with new progress made in LNG terminals, long-distance gas pipelines and underground gas storage. Sixth, oil and gas producing companies made great efforts in new energy businesses, driven by the "dual carbon" goals and the need to build a new energy system. Seventh, the sales of LNG heavy-duty trucks reached a record high at 151 900, being an outshining contributor to the increase in gas consumption. Eight, the state would launch relevant policy. The new version of Natural Gas Utilization Policy was issued for public consultation. The following conclusions were made accordingly. First, in spite of the competition from coal, the stabilizer in the domestic market, and from new energies, natural gas remains an indispensable pillar in the low-carbon energy mix. Second, in 2024, great efforts will be exerted on natural gas exploration, with expected growth in proved geological reserves. Third, natural gas production will keep progressing steadily, with the same volume of increase as in 2023. Fourth, natural gas imports will increase substantially, with the average import price on a continual decline. Fifth, natural gas demand will see a steady growth with loose market supply. © 2024 Natural Gas Industry Journal Agency. All rights reserved.
